ICO Review: Xenchain – The Evolution Of Digital Identity

The digital Personal Identifiable Information (PII) is a valuable digital asset and when stored in a structured manner, becomes a trusted source of information for identity management. Unfortunately, despite technological advancements, there is still no structured storage medium and method, causing distrust in the validity of data in many countries. Also, personal data breach and theft are among the most damaging crimes of today, with hackers and unauthorized third parties reaching users’ personal data without consent or authorization.

On the end user’s side, they are used to entering personal data into multiple websites or applications, which can be strenuous and time-consuming. Most of the information is repeated, and yet, as they are entered over different times, the data from one source is hardly as updated as the rest. Furthermore, because the path to digital identity can be unstructured and chaotic for everyone across the value chain, the end-user, who is the rightful owner of the data (and despite new legislation especially European data protection) has no proper control over it.

Xenchain is looking to solve this multi-layered identity access problem with a KYC as a Service business model where their platform will accurately acquire, validate and store personal identity data into a decentralized public blockchain. End users will have full control over the data, only granting permission to companies who seek theirinformation. Leveraging blockchain technology fosters an environment of trust and at the same time reduces cost, time, and resources.

Xenchain is a project based in Singapore and is carrying out an ICO to be able to finance its business model.

Platform for secured identity verification, KYC enhancement and onboarding process on a timely intervention and at a lower cost that runs on the blockchain network and operates under the principle of smart contracts that can gather, securely store and provide on-demand with the permission of the data owner

For end-users, allows data privacy and permission management and avoids to repeat PII data on many registrations

Novelties

Xenchain will assign a confidence score called ‘XenScore’. The score is assignedaccording to the type of validation and an accurate answer provided within a specified timeframe and record the confidence level of the identity data quality.

Xenchain is a platform that offers a solution to the current problem of verification of digital identity, where users must verify their identity on multiple platforms, wasting their time having to repeat the information constantly and delivering their identity into databases that can be prone to identity theft. Xenchain will use blockchain technology so that users’ personal data is decentralized and they remain the owners of the database of their identity.

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Abel is a Fintech enthusiast experienced with blockchain technology. With a BBA and a master degree in e-commerce, he combines his passion writing about the Blockchain Industry, Cryptocurrencies and Fintech. When he is not working, he loves playing online games.

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